Preheat and prep: Heat oven to 325°F (165°C). Leave your 10-inch tube pan (Angel Food-style, ungreased) completely dry and ungreased so the batter can cling and rise.
Separate eggs: Carefully separate 7–8 large eggs while they’re cold.
Place whites in a large metal or glass bowl and yolks in a separate bowl. Let both come to room temperature for best volume.
Mix dry ingredients: In a large bowl, whisk 2 cups cake flour, 1 1/4 cups sugar (reserve 1/4–1/3 cup for the whites), 2 1/2 teaspoons baking powder, and 1/2 teaspoon fine salt. If using almond flour, whisk in 1/4 cup finely ground blanched almonds.
Blend wet base: In a medium bowl, whisk yolks, 1/2 cup neutral oil, 3/4 cup milk (or water), 1 teaspoon almond extract, and 1 teaspoon vanilla until smooth and glossy.
Combine: Make a well in the dry ingredients and whisk in the yolk mixture until you have a smooth, thick batter.
Don’t overmix; just get rid of lumps.
Whip egg whites: Add 1/2 teaspoon cream of tartar to the whites. Beat on medium until foamy, then gradually add the reserved sugar. Increase to medium-high and whip to glossy medium-stiff peaks.
Fold gently: Stir a big spoonful of whites into the batter to lighten it.
Then fold in the remaining whites in 3–4 additions with a spatula, turning the bowl and cutting through the center. Keep the mixture airy.
Fill the pan: Spoon the batter into the ungreased tube pan. Run a thin knife or skewer through to pop large air pockets.
Smooth the top lightly.
Bake: Bake 45–55 minutes, until the top springs back when lightly pressed and a skewer comes out clean. The top will be a pale golden brown.
Cool upside down: Immediately invert the pan onto its feet or over a bottle. Cool completely upside down to prevent collapse—about 1–2 hours.
Release and finish: Run a thin knife around the outer edge and center tube to loosen.
Turn out onto a plate. Dust with powdered sugar or top with softly whipped cream and sliced almonds.